Pharmaceutical sector restructuring plan finds acceptance with Cabinet

The Cabinet has accepted the final version of the restructuring and transformation of the pharmaceutical sector. Accepting the strategy means launching the consolidation plan, prepared by the Treasury Ministry, for domestic pharmaceutical producers. According to an announcement by Treasury Minister Wieslaw Kaczmarek, the new entity - Polish Pharmaceutical Holding (PHF) - should be set up by the end of the year. At the same time two pharmaceutical companies - Polfa Pabianice and Polfa Warszawa - have filed for commercialization. Both Polfas have until the end of 2002 to do this, but the Treasury Minister may decide to accelerate the commercialization process. The transformation of the two concerns into joint stock companies would considerably accelerate the consolidation of the entire pharmaceuticals sector. Within the next few days the Treasury Ministry intends to announce a tender for a consulting company to prepare a strategy for the consolidated group. Its privatization, through listing its shares on the Warsaw Stock Exchange, has been slated for 2004. The privatization will be carried out without sector investors. (Puls Biznesu, p. 5) A.Z.